Bitcoin is barely pulling through the week as its price is clinging to $40,000. This marks its lowest level in seven weeks, prompting investors and analysts to discuss the next stop for the crypto asset.
Despite the bearish sentiment propagating slowly in the crypto community, analysts and crypto investors remain positive on Bitcoin’s long-term value and state that greater upside gains usually follow these price corrections.
One of these analysts goes by the name of Ali_charts on X, who said that approximately “600 days of bullish momentum” remain for $BTC, only if it repeats historical patterns of past bull runs of 2015-2018 and 2018-2022. This means the next market peak could occur around October 2025.
If #Bitcoin mirrors past bull runs (2015-2018 & 2018-2022) from their respective market bottoms, projections suggest the next market peak could land around October 2025.
This implies $BTC still has 600 days of bullish momentum ahead! pic.twitter.com/hD3ApOg347
— Ali (@ali_charts) January 24, 2024
Other analysts share similar views regarding BTC’s near future. For example, popular YouTuber and Cardano advocate says BTC is retracting to key moving averages in “typical fashion,” waiting for a bull market similar to the 2020 cycle.
Could BTC Fall Back to $30k?
While it seems Bitcoin has extended its losses week after week, investors have their eyes set on January 26 as $4.5 billion in BTC monthly options expire. This could be pivotal in determining the continuation of the downtrend.
Nevertheless, most analysts seem to believe that there’s still room for the bears, which could push prices even lower than $35k.
Such is the case with popular crypto figure Arthur Hayes, who shared some of his thoughts and concerns regarding the trajectory of Bitcoin’s price in a recently published essay called “Yellen or Talkin?”.
Hayes doesn’t feel too optimistic — he anticipates a bottom in the range of $30,000 to $35,000 and attributes this projection to current market dynamics and upcoming decisions by key financial authorities, especially in the US.
However, he still has a positive outlook for Bitcoin and the crypto market, as he believes the former could not only reach but exceed $1.3 trillion (in market cap) this year, bypassing its ATH in 2021.
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